Broker Ricky Mantei, currently employed with the South Carolina brokerage firm Centaurus Financial, is the subject of multiple customer dispute disclosures filed on the allegation that, among others, the financial advisor recommended unsuitable investment to investors according to an investigation by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating conduct related to the multiple customer dispute disclosures involving broker Ricky Alan Mantei aka Ricky Alan Mantel on the allegations of unsuitable investment recommendations. Ricky Mantei was in the employment of Centaurus Financial when the various activities being disputed in the customer disputes were carried out.
Centaurus Financial is a Financial Industry Regulatory Authority (FINRA) member firm.
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Broker Ricky Mantei Is the Subject of Multiple Customer Dispute Disclosures
Investigation of public records related to broker Ricky Mantei and maintained by the securities industry regulators showed that the broker is subject to multiple customer disputes. Since late 2016 till May 2020, Mantei’s FINRA Brokerckeck reports over 30 customer dispute disclosures, in which majority of the customer disputes are on the allegation of the broker recommending unsuitable investment to his investor clients.
According to FINRA, a customer dispute was filed in November 2020 as an arbitration with FINRA. The customer alleged that while Mantei was registered with JP Tuner, the firm allegedly allowed Ricky Mantei to make unsuitable investment recommendations. The product type reported is CD and Debt-corporate, the alleged damages are $125,000.
In August 2020, a group of customers filed a class action in the State Court of South Carolina, County of Lexington. The complaint names Mantei & Associates, Ricky Alan Mantei, Cindy Chiellini, Centaurus Financial, and J.P. Turner & Company as defendants.
The plaintiffs to the action allege that the defendants including Ricky Mantei advertised and sold illiquid debt instruments to unsophisticated investors over the age of 50. In addition to this, the defendants also falsely promised the investors a high interest and a guaranteed return of their principal investment in a short time.
The Plaintiffs also alleged that the publicly advertised high interest rate was recalculated by the defendant and the investors were left with a near zero interest rate for the remaining period of the investment. As alleged by the plaintiffs, these investments yielded high fees and commissions to the brokers in the process.
Through the class action, the plaintiffs seek to recover damages for themselves and other plaintiffs in the class action for their investments into unsuitable securities. The damages amount is unspecified but the firm made a good faith determination that they potentially exceed $5,000, FINRA reports.
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In May 2020 another dispute was initiated on the allegation of the broker misrepresenting unsuitable investments and breaching his fiduciary duty to the client. From this dispute, the client seeks to recover $100,000 in damages. The case was reportedly filed with FINRA.
In April 2020, another Ricky Alan Mantei customer filed a dispute. The clients instituted the action on the same allegation that the financial advisor misrepresented unsuitable investments to them and breached his fiduciary duty to them. The products involved are identified as being CD, Debt-Corporate, and Real Estate Security, and the customer is seeking to recover $100,000 in damages from the dispute.
Another client is seeking to recover $100,000 in damages in a dispute instituted in March 2020. The client alleged that the broker, Ricky Mantei, over concentrated their portfolio in unsuitable investments and breached his fiduciary duty to the investor between the period of 2008/2009 and 2017. The dispute was filed with FINRA.
In February 2020, another Ricky Mantei customer alleged that while he was registered with JP Turner and subsequently with Centaurus, Mantei allegedly misrepresented unsuitable investments and breach his fiduciary duty. The products involved are identified to be Real Estate Security and Debt-Corporate, and the customer is seeking to recover $171,000 in alleged damages.
Similarly, a few days prior in February 2020, a Mantei customer filed a dispute with FINRA seeking to recover $100,000 from JP Tuner and Centaurus Financial. The customer alleged that starting 2011 and through February 2020, Ricky Alan Mantel invested their account in unsuitable investments. The product types involved are CD, Debt- Corporate, and Real Estate Security.
Seeking to recover $410,000 in alleged damages, a Rickly A. Mantei customer filed a dispute with FINRA in January 2020, alleging that the broker recommended unsuitable investments and breached his fiduciary duty. The employing firms when the allegations occurred were reportedly both JP Tuner and Centaurus Financial.
Other two customer dispute disclosures on Mantei‘s brokercheck report were filed in November and December 2019, respectively. The customer who filed the dispute in November is seeking to obtain $150,000 in recovery for allegations of unsuitability and breach of fiduciary duty. The customer who filed his dispute in December for similar allegations is seeking unspecified damages, but the compensatory damages could potentially exceed $5,000, FINRA reports.
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Ricky Mantei’s Customers Received At Least $829,000 in Cumulated Settlement Payments
Between 1995 and April 2020, 25 customers disputes involving broker Ricky Alan Mantei were settled for amounts that amount to more that $800,000. Over the years Mantei‘s customers brought allegations of improper use of margin, improper investment recommendations, unauthorized trading, unsuitability, misrepresentations, breach of fiduciary duty, negligence, potential fraudulent activity, and failure to supervise, in the disputes disclosed on broker Ricky Mantei‘s Brokercheck report.
Ricky Alan Mantei Investigated By FINRA
In August 2019, FINRA Department of Enforcement filed a complaint against former JP Tuner broker Ricky A. Mantei. FINRA is alleging that while he was registered with JP Turner, Mantei allegedly circumvented the supervisory system of the firm while allegedly seeking to effect a trade between JP Turner customers. The cross-trades in question concerned a product called structured certificates of deposit (SCDs).
According to FINRA, by engaging in the above-mentioned alleged misconduct, Mantei violated FINRA rule that requires brokers to observe high standards of commercial honor and just and equitable principles of trade, the complaint states. In addition, FINRA alleges that Ricky Mantei violated the MSRB Rule that requires brokers to “deal fairly with all persons and shall not engage in any deceptive, dishonest, or unfair practice.”.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Potential Options for Customers Concerned About Their Investment With Broker Ricky Mantei
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating conduct related to Ricky Alan Martei’s multiple customer dispute disclosures on the allegation of unsuitable investment recommendation.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Ricky Alan Mantei investors who believe they lost money as a result of conducts related to Mantei’s multiple customer dispute disclosures on the allegation of unsuitable investment recommendation may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
